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Credit Suisse shifts to digital banking

The bank is reducing its reliance on branches in its home market and instead investing heavily into digital services

Stocks impacted: Credit Suisse (CSGN)

The Zurich-based bank has planned restructuring moves to transform its branch to a digital one. In particular, Credit Suisse plans to transition the retail and commercial clients to a newly-formed direct banking unit, effective September 1. Beyond digital services, the bank said it planned increased telephone advisory services and the provision of personal advice in the regional network of branches. More details about the new branch concept would be provided in the first half of 2020. Credit Suisse also plans investment in digital solutions for areas with a strong advisory focus, particularly for wealthy clients, entrepreneurs, companies and institutional clients.

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